Cousins Properties & Town Lane Acquire Office Building In Midtown Atlanta For $83M

A joint venture between Cousins Properties and Town Lane acquired Proscenium, an office building located at 1170 Peachtree Street Northeast in Atlanta, GA. The property spans 526,000 square feet and was sold for $83 million, which equates to a price per square foot of $158.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $83,000,000
• Sale Date: 08/02/2024
• Buyer: Cousins Properties & Town Lane
• Seller: Manulife Investment Management
• Broker Representatives: Justin Parsonnet & William Yowell - CBRE

Town Lane holds an 80% ownership stake in the joint venture, with Cousins Properties owning the remaining 20%. Cousins will manage the property, which is set to undergo significant upgrades in the near future.